- Several firms are seeking to get an ETF for Bitcoin off the ground.
- The SEC approved Teucrium’s ETF on Wednesday.
Teucrium can now issue an exchange-traded fund based on bitcoin futures as approved by the U.S. Securities and Exchange Commission. The SEC approved Teucrium’s ETF on Wednesday, joining a long list of other futures ETF issuers.
Under the Securities Exchange Act of 1934, Teucrium submitted a 19b-4 form with the SEC. In addition, according to the Investment Company Act of 1940, several businesses have previously registered ETFs for bitcoin futures that have been authorized by the U.S. Securities and Exchange Commission (SEC).
A Way For Spot Bitcoin ETF
According to Bloomberg analyst James Seyffart, a clearance under the Securities Act of 1933, which Teucrium’s registration comes under, may open the way for a spot bitcoin ETF. It has been stated that “like situations must be treated alike” by proponents of crypto ETFs. Grayscale, one such business, has applied to convert its Grayscale Bitcoin Fund (GBTC) to an ETF.
A lack of a monitoring agreement between an ETF issuer and an important market that trades bitcoin’s underpinning asset led the SEC to deny all spot bitcoin ETF applications submitted to date. Despite this, several firms are seeking to get an ETF for Bitcoin off the ground.
So far, the U.S. Securities and Exchange Commission has authorized the listing and trading of bitcoin futures ETFs by ProShares, Valkyrie, and VanEck. It has also been applied to create a 33 Act bitcoin futures ETF via Valkyrie Investment Management and has a wide range of uses.
